I would start with a budget. Then I would see what my money got me in different areas. Have a look at yield, time on market, vacancy rates etc...
Decide what type of property you're after: house, townhouse, unit etc...
Create a 'profile' for the type of property, eg. 3 bed, 1 bath, 2 garage, 600+m2 block, brick and tile, walking distance to transport.
Take a look on realestate.com.au and the real estate magazines for some ideas.
Don't forget to factor in council rates, insurance or for a unit body corporate.
Search on realestate.com.au usually or Domain or All Homes.

As others have said above. This is what I would do in order more or less:

1. Finance: Work out how much you can borrow first. No point looking at places 700k only to find out 3 months on you can afford 600k max.
2. Choose state: Personally I would choose a state that is not in a boom market or just starting a decline. I know everyone is different so choose a state that your comfortable with.
3. Choose suburbs in your price range within your chosen state. Use websites as mentioned above.
4. Refer to your strategy: If your strategy is long term buy and hold, then look for solid dwellings that are not too negative cash flow so it wont drain your income (again can be a different story if your on very high income). If your strategy is adding value then look for dwellings in those suburbs that have add value potential and so on
5. Short list some properties you like that meets your finance, strategy and risk profile.
6. Business time:Go after them with offers.

That's the basic outline for me. There are a lot more details for some of the above and I know I sound like a broken record on here but somethings never change - if you haven't already go and buy some books on investing by aussie authors. Trust me there is massive amounts of useful information in a logical order with some detail that will help you and could save you 10s of thousands. Even if 1 tip on 1 page helps you, its more than worth it.

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